Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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1. If you received a notice to appear in Court and your name is XXXXX XXXXX defendant, you are being sued and need to appear in Court.
Under the bankruptcy code, prior to filing bankruptcy you can transfer NON EXEMPT assets into EXEMPT ASSETS.
If you have done this, such as putting some money into an IRA, or using them to purchase exempt assets the trustee would not ask you to pay it to the Court, especially if it has been a few months later.
Since you do not have the money and most of it went to an exempt IRA I would not worry
According to Bankruptcy Court interpretation on what is a fruadulant transfer the Court stated the trustee much establish each of the following elements: 1) that an interest of the debtor in property was transferred; 2) that the transfer of that interest occurred within one year before the date of filing of the bankruptcy petition; 3) that the debtor received less than "reasonably equivalent value" in exchange for the transfer at issue; 4) that the debtor was insolvent on the date of the transfer or became insolvent because of the transfer.
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